The growth is primarily driven by increased investments in smart grid technologies.
According to the findings of the report, an increase in population and power consumption has lifted power demand on a global scale. Therefore, utilities will invest more in smart energy technologies to ensure grid reliability.
[quote] In a press statement, RnRMarket Research says power utilities in countries like China, the US, India, Spain and Germany are increasingly investing in technologies such as smart energy meters, SCADA systems and various communications networks to enhance their control of grids in real time.
The investments will also be aimed at integrating more renewable energy sources with the grid as well as lower power transmission and distribution losses.
Smart grid technologies
The smart grid sector is expected to become the dominant segment of the smart energy market. The report predicts that 84% of revenue generation in the smart energy sector will come from the smart grid segment.
The revenue to be generated in the smart grid sector is expected to reach $281 billion by 2020.
The US is predicted to continue its domination in deploying smart energy technologies. In 2015, the country accounted for around 44% of the overall market share. [Duke Energy gets “go-ahead” for smart gird project]
The increase in smart grid activities in the region coupled with the modernisation of the power sector, will drive growth in the smart energy market in the Americas during the forecast period.
Smart energy technologies in the US
Meanwhile, a survey implemented by the Smart Grid Consumer Collaborative has found US consumers to be highly knowledgeable about new digital and innovative energy technologies.
The level awareness includes consumers highly knowledgeable about solar panels and the ability of innovative energy technologies to be controlled remotely for a system’s reliability and efficiency.
In a press statement, the non-profit organisation said findings of its survey, Empowered Consumer Report indicate that 55% of consumers interested in transitioning to either a peak time savings or time-varying rate plan as well as purchasing smart grid technologies to reduce their monthly bills. [US consumers highly knowledgeable on smart energy tech – survey].
Image credit: Citi view.com.